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STEMERMAN v. ACKERMAN

184 A.2d 28 (1962)

Francis STEMERMAN, Plaintiff, v. Emory G. ACKERMAN, J. Erik Jonsson, Fred J. Agnich, Eugene McDermott, Lloyd V. Berkner, Ewen C. Macveagh, Cecil H. Green, Mark Shepherd, Jr., Patrick E. Haggerty, Carl J. Thomsen, and Texas Instruments Incorporated, Defendants.

Court of Chancery of Delaware, New Castle.

August 8, 1962.

Attorney(s) appearing for the Case

Irving Morris and Joseph A. Rosenthal, of Cohen & Morris, Wilmington, for plaintiff.

H. Albert Young, of Morford, Young & Conaway, Wilmington, Del., for Texas Instruments Incorporated.

Edmund N. Carpenter, II, of Richards, Layton & Finger, Wilmington, for individual defendants. Ralph M. Carson, Henry L. King and Thomas P. Griesa, of Davis, Polk, Wardwell, Sunderland & Kiendl, New York City, of counsel.

SHORT, Vice Chancellor.

This is a stockholder's derivative action in which plaintiff challenges the validity of certain stock options granted to defendants Shepherd and Haggerty, officers and employees of the corporate defendant, Texas Instruments Incorporated. The ground of the attack is that the options were granted in violation of the corporation's Stock Option Plan.

Plaintiff is the owner of 15 shares of common stock of Texas Instruments. The individual...

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